All posts tagged crude oil

An easing of sanctions against Iran could pose a risk for other petroleum exporting countries in the Gulf region, who up until now have benefited from the restrictions placed on crude from the Islamic Republic.

Last week, Sri Lanka, which has been importing Abu Dhabi and Omani crude as a replacement for Iranian blends, said it plans to revert to buying most of its oil from Iran once the E.U. and U.S. sanctions are scaled back, underscoring fears that Gulf states could lose precious market share when Iran resumes oil exports. Read More »

Energy prices may be elevated by historic standards, but transporting crude in large ships doesn’t necessarily bring easy profits, as the Dubai-based Gulf Navigation has learned the hard way in recent years.

The company has posted a string of annual losses, in part because its two oil tankers – called very large crude carriers, or VLCCs, have been a money-loser. The company, which is listed on the Dubai Financial Market and owns 10 vessels in total, is now looking to sell the tankers and move on.

“The VLCCs are not making money,” said a person familiar with the matter who asked not to be named, adding that the sale was meant to reduce the cash drain on the company. Read More »